Disallowance of interest
This query is : Resolved
10 October 2013
Suppose NBFC Company obtaines the loan at 16% p.a. and keeps FD with bank at 9%, Can Assessing officer disallow the excess interest i.e. 7% (16-9) while passing the assessement order. please advise us
10 October 2013
if the NBFC is able to demonstrate that the application of funds at 9% is to protect the returns, then there may be no ground for the AO to make disallowance.
For eg, it can be said that funds were kept in FD pending disbursement for loans etc.
For eg, it can be said that funds were kept in FD pending disbursement for loans etc.
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